12/13 Closing Prices / revised 12/12/2024 21:59 GMT |  12/12 OPEC Basket $73.36 +$0.91 cents 12/13 Mexico Basket (MME)  $66.23 +$1.02 cents   10/30 Venezuela Basket (Merey) $58.30   +$3.39 cents  12/13 NYMEX Light Sweet Crude  $71.29 +$1.27 cents | 12/13 ICE Brent  $74.44 +$1.08 cents | 12/13 Gasoline RBOB NYC Harbor  $2.0 +0.07 % | 12/13 Heating oil NY Harbor  $2.27 +0.05 % | 12/13 NYMEX Natural Gas   $3.28 -5.1% | 12/13  Active U.S. Rig Count (Oil & Gas)  589 + 7 | 12/13 USD/MXN Mexican Peso $20.1257 (data live) 12/13 EUR/USD Dollar  $1.0501 (data live) | 12/16 US/Bs. (Bolivar)  $50.33190000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch/Reuters

El Salvador State of Emergency Continues; Engel List Updated (July 21, 2022)

Salvadoran lawmakers again approved an extension of the country’s state of emergency to combat gang violence. This is the fourth time the month-long measure has been extended since its inception in March. Now in effect until late August, the state of emergency allows the government to make indiscriminate arrests and limit rights to assembly and due process. Human rights organizations and civil society have harshly criticized the measure, citing over 60 deaths in detention, torture, ballooning prison populations, and countless cases of innocent individuals arrested without their family having any knowledge of their wellbeing. The Bukele adminsitration, meanwhile, has sought to portray any detractors as “friends” of the country’s gangs. (BBCAmnesty InternationalWOLA

As noted in yesterday’s newsletter, however, investigative reporters have uncovered close connections between the Bukele administration and MS-13, with the government facilitating one gang leader’s recent escape from jail and travel outside the country. The breakdown of a negotiated truce between the government and MS-13 is what likely caused the mass gang-related homicides in March that sparked the state of emergency declaration, according to many analysts. 

Yesterday, the US State Department released an update to the Engel List. The list comprises individuals that the US government deems “corrupt and undemocratic,” and those on the list have any US visas revoked and are denied entry into the country. As noted by Reuters, “Among the 60 people named were Salvadoran President Nayib Bukele’s press secretary and his legal adviser, two Guatemalan Supreme Court justices, a vice president of the Honduran congress and a number of former government ministers from across the region.” Three high-ranking officials from Bukele’s government were included on the list, as well as the head of his legislative coalition and close ally, Christian Reynaldo Guevara Guardón. A leaked version of the list released last week appeared to include Bukele’s finance minister, Alejandro Zelaya, but he was ultimately not included. (State DepartmentInSight CrimeEl FaroSarah Kinosian on Twitter)

Migration

  • New data released by Migración Colombia reveals that the Venezuelan population in Colombia has grown by 34% since August of last year, now reaching 2.4 million, reports Buenaventura en linea.

  • 76 Venezuelan migrants have disappeared in the jungle of the Darien Gap in recent weeks, according to OAS commissioner for Venezuela David Smolansky, notes El Diario.

Argentina

  • The use of gender-inclusive language in schools was blocked by the city of Buenos Aires following informal changes adopted by teachers to create an inclusive space for students. Supporters of the move argued that gender inclusive language “violated the rules of Spanish and stymied student’s reading comprehension,” reports the New York Times

Venezuela

  • Iran will send 4 million barrels of heavy crude oil to Venezuela this month, allowing Venezuelan state-run oil company PDVSA to increase exports of its lighter oil blends, according to Reuters.

Colombia

  • Newly-elected Gustavo Petro wants to enact major reforms to the country’s police and justice systems, including creating a new peace ministry and eliminating a major branch of the federal attorney general’s office, notes Axios.

  • Petro announced on Tuesday that his cabinet would include representation from the Arhuaco, Nasa, and Embera peoples, appointing three indigenous leaders and human rights defenders to his team of advisors. (Telesur)

Polling

  • New polls show Colombia’s president-elect Gustavo Petro currently boasts a strong approval rating, as does Costa Rica’s Chaves government, and AMLO’s Morena party continues to dominate in polls ahead of Mexico’s presidential elections in 2024, write James Bosworth and Lucy Hale at the Latin America Risk Report.

  • A new Delphos poll reveals that 72.5% of Venezuelans wish for a change in the country’s politics. The poll also places Juan Guaidó as the most popular opposition leader despite only reaching 18.8% approval, reports El Cocuyo.

Regional Relations

  • Mexico’s nationalist energy policies have undermined international companies investing in clean energy, argue the US and Canada. According to the Financial Times, the two countries are seeking trade disputes, claiming that Mexico has not met its obligations under USMCA.

Puerto Rico

  • As The Guardian notes, Puerto Rico’s status has resurfaced at the US Congressional level, with House representatives introducing a bill calling for a direct vote to determine the island’s status in relation to the US. The bill is unlikely to pass in the Senate. 

Mexico 

  • More than 60 ships transporting gasoline and diesel imported by Pemex are stuck waiting off the coast due to limited storage capacity, racking up a hefty bill upwards of $2 million, reports Bloomberg.

Panama

  • Rising food prices and cost of living are drawing ire in Panama and sparking protest, writes FT

Cuba

  • The government appears to have no solution in place for the major power outages occurring across the island, given lack of funding for the country’s energy sector and the continued deterioration of its power plants, reports Reuters

Arianna Kohan and Jordi Amaral / Latin America Daily Briefing
http://latinamericadailybriefing.blogspot

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